27.May .2022 11:30

Armenia’s first quarter GDP up 8.6 percent

Armenia’s first quarter GDP up 8.6 percent
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Armenia's Gross Domestic Product (GDP) saw 8.6% growth in the first quarter of 2022 as opposed to the same time span of 2021, the National Statistical Committee (NSC) said today.

The first quarter GDP at market prices amounted to about 1.5 trillion drams (US$ 3.4 bln). Per capita GDP at current prices amounted to 501,211 drams or $1,030 or €918.

According to NSC, the largest growth of 58.9% was reported by transportation and warehousing sector. Accommodation and catering sector surged by 44.8%, and information and communication sector by 22.2%.

According to NSC, the manufacturing sector grew by 12.2%, health care, social services and household activities saw 10.2% growth each.

Also, construction sector rose 10%, real estate-related activities - 9.1%, financial and insurance activities - 8.4%, wholesale and retail trade, auto and motorcycle repair - 7.7%, electricity, gas, steam and quality air supply - 3.4%, culture, entertainment and recreation - 3.3%, water and wastewater, waste management and recycling - 2.3%, and education - 0.9%.

The largest decline was in the mining sector that dropped by 13.5%. Public administration and protection and compulsory social security declined by 9.4% and agriculture, forestry and fishing – by 2.4%.

Armenian government’s growth projection for 2022 is 7%, and inflation is set at 4% (± 1.5%). Earlier, the Central Bank revised down its earlier growth projection from 5.3% to 1.6% citing regional and global spillovers from the Russia-Ukraine conflict that would inevitably have a notable impact on Armenia, ARKA reports.